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USD/CAD - US Dollar Canadian Dollar, European Session - 18/11/08

17 Nov, 2008 @ 10:21 pm ET | written by Mataf


1,2310. USD CAD is in a range between 1,2090 and 1,2420. USD CAD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. Bollinger bands are flat. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bullish configuration. The price should continue to move in Bollinger bands. The price should find a resistance below 1,2420 (110 pips). If the resistance is broken then the target will be 1,2800 (490 pips).
We are waiting for a break of the resistance to take a long position.
Resistances
1,2330 - 1,2420
Supports
1,2235 - 1,2090

For more forex information, go to www.mataf.net

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